Discussions went on in the meeting and the board will sit down to study the verdict made by the three-member Supreme Court-appointed panel headed by former Chief Justice of India, R M Lodha.

The BCCI's press release read on Sunday that the board respects the verdict and have accepted it. A working group has been formed to be chaired by Rajeev Shukla. The panel will sit down to study the 59-page Lodha report.

Advisors will play a role and explore all the possible measures to be adopted with an objective to protect the interests of all the stakeholders involved. The BCCI members recognised that there is an urgent need to understand the impact of this decision and the wider ramifications for BCCI in detail, so as to uphold the integrity of the game in India.

Earlier, the Chennai Super Kings and Rajasthan Royals were suspended from the T20 League for two years as punishment for betting activities of their key officials Gurunath Meiyappan and Raj Kundra during the 2013 season.

Meiyappan, the former Team Principal of CSK, and Kundra, co-owner of the Rajasthan Royals, were suspended for life for indulging in betting and bringing the IPL and the game into disrepute. Justice Lodha Committee was constituted by the Supreme Court in January this year with its terms of reference being to announce the quantum of punishment against Meiyappan, Kundra and the two franchisees -- India Cements Ltd, owner of CSK and Jaipur IPL, owners of Rajasthan Royals.